New York Millionaires Tell Albany: Tax Us, Please
14th February 2019
And Albany will be only too happy to oblige.
Testifying on Tuesday at a state budget hearing, Mr. Pearl asked a bipartisan group of about half a dozen legislators to create a new “multimillionaire’s tax” on households earning more than $5 million a year in order to fund new affordable housing, infrastructure and schools.
“I’m a person of some means. I could live wherever I want,” said Mr. Pearl, a former managing director at BlackRock. “I could live in Kansas, if I wanted to live in a state with low taxes and low services. But I don’t.”
Things to notice:
- This is a very small group of people, which the New York Times (as is its wont) pretends speaks for all ‘millionaires’ in New York.
- There is nothing to prevent anybody, millionaire or otherwise, just writing a check to the State Treasury if they wanted to pay more tax; that doesn’t require ‘raising taxes’ for everybody.
- What they really want is to raise taxes including the almost-rich people, so that these jumped-up proles don’t compete with the existing rich people for luxury goods and services. If the tax rate is 50%, then a guy with $10,000l,000 is left with $5,000,000, while a guy with $200,000 is left with $100,000. Go look up how far $100,000 will get you in New Yawk — it won’t be a dinner reservation at Per Se.
February 14th, 2019 at 08:55
I think the salary to reach max state income tax rate in NY is $12,000. NYC imposes an additional income tax.
Albany has never found a thing that they don’t think needs a tax.